Venture Global LNG sets talk for $1.5 billion two-part secured notes; pricing Thursday

By Paul A. Harris

Portland, Ore., July 28 – Venture Global Calcasieu Pass LLC, a unit of Venture Global LNG, Inc., set price talk in its $1.5 billion two-part offering of senior secured bullet notes on Wednesday, according to market sources.

The Rule 144A and Regulation S for life deal includes a tranche of eight-year notes talked in the 4% area, well inside of initial guidance in the 4½% area.

A tranche of 10-year notes is talked to yield 25 basis points behind the eight-year notes, on top of initial guidance.

Tranche sizes remain to be determined.

Books close at 11 a.m. ET on Thursday, and the deal is set to price thereafter.

Left bookrunner Morgan Stanley & Co. LLC will bill and deliver. J.P. Morgan Securities LLC, BofA Securities Inc., Goldman Sachs & Co. LLC, ING Financial Markets LLC, Mizuho Securities USA Inc., Natixis Securities Americas LLC, Nomura Securities International Inc., RBC Capital Markets LLC, Santander Investment Securities Inc., Scotia Capital (USA) Inc. and SMBC Nikko Securities America Inc. are the joint bookrunners.

The Cameron, La.-based liquefied natural gas producer plans to use the proceeds to prepay certain amounts outstanding under its credit facilities and pay certain related breakage and hedge termination costs.

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